pmaitra
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You are very close to accurate. They have explained much of it in the link.From what I can remember now, Wednesday is named after Woden and Thursday is named after The Mighty Thor and so on. So a possible answer to your question is that the days were named after native Gods and these Gods had planets and/or stars associated with them. So the trend of associating the days with planets &/or stars continued even after the Gods more or less faded away. This is what I am guessing, the real answer may be far from my guess.
AFAIK, Astrology began in ancient Babylonia and spread to the Greeks and thence, to Europe and India. So there has been a lot of amalgamation of the primary concepts of astrology with the native religions or faiths of the places it spread to.